STOREYS recently caught up with Paynter and asked him about the state of play as it relates to office conversions, his algorithm, and his involvement with Calgary’s incentive program. gensler_design | realestate realestatenews Calgary AdaptiveReuse
Between 2013 and 2018, Calgary accumulated well over 4M sq. ft of office space, which was then unfortunately followed by a sharp demand drop off of over 6M sq. ft, leaving Calgary with excessive amounts of unneeded office space.
We were starting to see these projects happening pre-COVID, but it was only a few a year. In the last 12 months, we’ve seen cities like Calgary and Chicago announce funded incentive programs and others like San Francisco, Toronto and New York announce that they’re working on them. In the background, we know that at least a dozen more cities are actively doing it as well.
From the costs we’ve seen to date, a conversion will be +/-30% cheaper than new construction and even more cost efficient against demolition and reconstruction. There are some other advantages as well: 1) Many existing offices are built to lot line or over the allowable density . By converting, you can squeeze more FSR out of a site than you could with new construction. 2) There are huge sustainability benefits, which average 2,000,000 kgCO2e in carbon savings per building.
What other factors does the algorithm take into consideration? How has the algorithm evolved since it was first created? At the time, the City had a vacancy rate approaching 35% and had seen a $17.3B loss in the value of its downtown real estate. This had a huge impact in the tax revenue they were collecting and was obviously unsustainable in the long run. They asked us and local developers to find 6M sq. ft of buildings to be converted to housing and, if that wasn’t possible, to establish the amount of cash incentive required to hit the target. Using publicly available data and, we were able to make that happen.
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